Syscoin is poised of the most innovative cryptocurrencies to be introduced, possibly since the introduction of Bitcoin itself and through it we can begin to see the potential of virtual currencies. The system is designed to offer something for everyone, from a currency to a virtual marketplace, both of which appear to have user friendly interfaces.

The official website reads:

“Syscoin is a revolutionary cryptocurrency that not only allows low-cost financial transactions like Bitcoin, but provides businesses the infrastructure to trade goods, assets, digital certificates and data securely.”

Syscoin provides a group of growing services, some of which listed below:

  • Decentralized marketplaces that allow users to buy and sell nearly anything on a peer-to-peer network and never have to worry about downtime or redundant costs. The system allows for both fully decentralized and centralized markets for the highest levels of flexibility.
  • Ease of use is vital to the success of any product or service if you want a large user base and wallet addresses are nearly impossible to memorize without an eidetic memory. Syscoin offers “name aliases” that take those impossible to remember wallet addresses and associate them with an easy to remember “alias.” The only caveat seems to be that each alias must be unique.
  • Certificate management using cryptography allows users to issue, authorize and exchange digital certificates of any type. If a user has a provably unique certificate they can register it with Syscoin with either one or multiple parties involved. These certificates can be authenticated by anyone by using Syscoin’s proof of work.
  • Merged mining that keeps the Syscoin network healthy and allows miners to get the highest level of profit because Syscoin is universally merge-minable with any other SCRYPT proof of work currency.
  • Distributed gaming, elections and polls
  • Encrypted communications and shared storage
  • Escrow accounts planned for the near future

Syscoin leverages the Bitcoin protocol and Bitcoin technology in some unique ways that have the potential to be revolutionary.  Syscoin is licensed under the MIT license terms and they have a brand new website, forums and a new blog to help keep Syscoin users informed and up-to-date on any related news. They seem to also be still seeking code testers to keep improving security as they expand into new areas.

Change is sometimes very hard for many people. If anyone doubts this ask yourself why the United States avoids the metric system. A new economic paradigm for a large portion of the world will seem extremely confusing if it is not presented in familiar terms.  Personal computers hit a wall with MSDOS simply because people did not want to learn a new language. But when Microsoft introduced Windows the landscape changed because users could operate in a more comfortable atmosphere.

Syscoin’s everything under one roof plan and its understanding of the majority of people’s reluctance to change their routines and habits, could present a foundation on which other similar businesses may be built. However one thing is for certain: Syscoin seems to have gotten off to an excellent beginning with its new platform.

Disclaimer: The information and views in this article reflect those of the author and not of Cointelegraph as a whole. Cointelegraph is furthermore not responsible for the content of external websites. We advise readers to undertake independent research in addition to Cointelegraph's content.

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